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UBS AG is seeking to unload $1.5 billion in collateralized debt obligations tied to commercial real estate following the Federal Reserve Bank of New York’s sale of similar securities last week.
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Wall Street is scouring the U.S. for grocery stores as bankers are pushed out of lending to trophy office properties.
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Bank of America Corp. hired Alan Todd from JPMorgan Chase & Co. to head commercial-mortgage bond research.
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Randy Waesche was running out of time to retire debt he took on to build a Marriott hotel in downtown New Orleans. Then Citigroup Inc. showed up.
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Debt investors are wagering that the worst is over for commercial real estate, driving prices on mortgage bonds to the highest in more than two years.
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Securities tied to commercial property mortgages rose after European leaders reached an accord on the region’s debt crisis and investors stepped up trading in lower-ranking bonds.
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The extra yield investors demand to hold the top-ranked portion of bonds backed by commercial mortgages jumped to the highest level since February 2010 amid concern that Europe’s debt crisis will erode bank balance sheets.
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Bondholders are one step closer to having to reimburse residents of Manhattan’s largest apartment complex for excessive rental costs after a court decision last week, according to Deutsche Bank AG.
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Blackstone Group LP may reach an agreement by the end of the year to restructure $4.94 billion of debt remaining from its 2007 purchase of Sam Zell ’s Equity Office Properties Trust, according to two people familiar with the discussions.
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Wall Street banks seeking to unload commercial mortgages amassed before Europe’s sovereign crisis deepened and a slowing economy rattled markets are getting a reprieve from rising yields after Morgan Stanley sold bonds yesterday that demonstrated demand for the debt.
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